0001393311-24-000135.txt : 20240509 0001393311-24-000135.hdr.sgml : 20240509 20240509200650 ACCESSION NUMBER: 0001393311-24-000135 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240507 FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Vitan Nathaniel A. CENTRAL INDEX KEY: 0001774586 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-33519 FILM NUMBER: 24932545 MAIL ADDRESS: STREET 1: 701 WESTERN AVENUE CITY: GLENDALE STATE: CA ZIP: 91201-2349 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Public Storage CENTRAL INDEX KEY: 0001393311 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 953551121 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 701 WESTERN AVENUE CITY: GLENDALE STATE: CA ZIP: 91201-2349 BUSINESS PHONE: 818-244-8080 MAIL ADDRESS: STREET 1: 701 WESTERN AVENUE CITY: GLENDALE STATE: CA ZIP: 91201-2349 4 1 wk-form4_1715299600.xml FORM 4 X0508 4 2024-05-07 0 0001393311 Public Storage PSA 0001774586 Vitan Nathaniel A. C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 0 1 0 0 Chief Legal Officer 0 Common Shares 3614 D Stock Option (Right to Buy) 221.68 2024-05-07 4 D 0 64546 D 2023-03-06 2030-03-05 Common Shares 64546 0 D AO LTIP Units 2024-05-07 4 A 0 64546 A 2030-03-05 Common Shares 64546 64546 D LTIP Units Common Shares 9000 9000 D AO LTIP Units 228.74 2020-05-27 2029-05-26 Common Shares 6196 6196 D AO LTIP Units 222.66 2024-02-16 2031-02-15 Common Shares 77456 77456 D AO LTIP Units 279.51 2025-03-05 2034-03-04 Common Shares 6470 6470 D Three-fifths of this multi-year (2020-2022) performance-based option vested following certified achievement of the applicable performance targets at the conclusion of the performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023. On May 7, 2024, Public Storage (the "Company") canceled the option upon surrender to the Company by the reporting person (the "Canceled Option"). In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company. LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into OP Units. The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company. The final tranche of these AO LTIP Units will become exercisable on May 27. 2024. Three-fifths of these AO LTIP Units vested February 16, 2024, with the remaining vesting ratably over the following two years. These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029. /s/ Nathaniel A. Vitan 2024-05-09